The Jornal Wire – June 29, 2022, Hong Kong, Hong Kong – BitForex, a leading international cryptocurrency exchange, has released crypto loans in USDT, BTC, and ETH. Borrowers can opt for the flexible loans for 7 days/14 days/30 days (extendable up to 180 days) crypto loan terms.
In crypto loans, anyone with cryptocurrencies in their wallet can lend to the borrower. For the security of these loans, they receive interest over the borrower’s crypto assets. The lender gets control over the assets. Upon non-repayment, it can liquidate these assets to recover the amount. BitForex offers a window of 7-180 days upon these loans to borrowers.
The crypto loan at BitForex is available upon submission of collateral. Depending upon the asset quality, borrowers can get 60% to 85% value of their collateral. Also, for faster loan approvals, the company has waived off the private investigation of the borrowers. One can access their loans right after their approval process is successfully over.
To get started, one has to register themselves on BitForex. After that, borrowers can raise loan requests. With that, the collateral gets transferred from the spot account.
Also, one can obtain the loan through the same account. Borrowers are free to use this loan for margin trading and spot trading on BitForex. The debtor can repay this amount anytime, and they will receive their collateral in the same spot account from where it got deducted.
One can repay BitForex’s crypto loans manually by visiting their ongoing orders page. This page shows up on their account after the loan amount gets credited to their account. Also, they provide the option of repayment in proportions. If they utilize this option, the corresponding fraction of pledged deposit will be a credit to their account.
Crypto borrowing is going mainstream, as it frees the borrower from going through banks, signing car/ home as collateral, signing paperwork, etc. Borrowers who own bitcoin/ ether (other currencies) can pledge these digital assets and get stable coins. These stable coins are convertible to native currencies. The loan is available despite the borrower’s credit score, and it keeps their privacy intact. Crypto loans offered by BitForex are highly flexible, as one can receive the loan within minutes.
BitForex is a cryptocurrency exchange providing trading options such as derivatives and margin & token trading. It offers a safe and convenient digital currency trading platform for new-age financial options. Currently, it offers 300+ pairs in spot trading. Also, the platform provides a turbo launchpad (IEO, INO, Vote for listing), NFTs, and crypto loans. For convenience, BitForex excepts crypto payments from debit/ credit cards. Also, the users can access and trade on Android & iOS apps, apart from its web version. Headquartered in Hong Kong, Bitforex has a 6 million+ user base and presence in over 200 countries. Currently, it includes operating teams in Europe, Asia, and the Pacific regions. BitForex is operating under the leadership of Jason Luo.
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